At-Tahur Limited Annual Report 2021 Highlights Strong Growth and Financial Performance

Company Information
Mission & Vision
About At-Tahur
Chairman’s Message (English)
Chairman’s Message (Urdu)
Directors’ Report (English)
Directors’ Report (Urdu)
Key Operating and Financial Data of Six Years at a Glance
Pattern of Shareholding
Catagories of Shareholding required under Code of Corporate Governance (CCG)
Statement of Compliance with Listed Companies
Independent Auditor’s Review Report to the Members
Independent Auditor’s Report to the Members
Statement of Financial Position
Statement of Profit or Loss
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Notice of Annual General Meeting (English)
Notice of Annual General Meeting (Urdu)
Form for Video Conference Facility
Standard Request Form for Hard Copies of Annual Audited Accounts
Consent Form for Electronic Transmission of Annual Report and Notice of AGM
Jama Punji
Form of Proxy (English)
Form of Proxy (Urdu)
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3
Board of Directors
Mr. Ijaz Nisar (Chairman)
Mr. Rasikh Elahi (Chief Executive Officer)
Mr. Amar Zafar Khan
Mr. Aurangzeb Firoz
Dr. Farzana Firoz
Mr. Shabbi Zahid Ali
Syed Kashif ul Hassan Shah
Audit Committee
Mr. Aurangzeb Firoz (Chairman)
Mr. Amar Zafar Khan (Member)
Mr. Shabbi Zahid Ali (Member)
HR & R Committee
Mr. Ijaz Nisar (Chairman)
Mr. Rasikh Elahi (Member)
Mr. Shabbi Zahid Ali (Member)
Company Secretary & Chief Financial Officer
Mr. Humza Chaudhry
Head of Internal Audit
Mr. Usman Yousaf
Share Registrar
Corplink (Pvt.) Ltd.
Wings Arcade, 1- K Commercial, Model Town, Lahore
Auditors
Riaz Ahmad & Company
Chartered Accountants
Bankers
Al-Baraka Bank (Pakistan) Limited
Askari Bank Limited
Allied Bank Limited
Bank Islamic Pakistan Limited
Dubai Islamic Bank Pakistan Limited
Habib Metropolitan Bank Limited
JS Bank Limited
MCB Bank Limited
MCB Islamic Bank Limited
National Bank of Pakistan
Silk Bank Limited
Registered Office
182 Abu Bakar Block,
New Garden Town, Lahore
Ph: +92-42- 111 666 647
Fax: +92-423-5845525
Email: info@at-tahur.com
Web: www.at-tahur.com
Project Locations
Kotli Rai Abubakar, Distirct Kasur
Company Information

AT-TAHUR LIMITED
18 ANNUAL REPORT 2021
Chairman’s Message
On behalf of the Board, it is my pleasure to present
th
the Annual Report for the year ended June 30 ,
2021. At-Tahur Limited (PSX: PREMA) is
committed to maintaining high standards of good
corporate governance without any concession.
This has been another year of stellar growth for
the company, where we have seen a growth of
41%.
We aim to deliver strong business growth,
supported by the expansion of processing
facilities and improving efficiencies for delivering
the best nutrition and positive impact on the lives
of our consumers. In this regard, we continue to
explore avenues, as we strongly believe that there
is huge potential for expansion to fulfill the
nutritional need of growing population base.
As pioneer in the pasteurized dairy sector, we
have set high benchmarks for quality and
customer-care, by producing fresh, pure and
nourishing products to ensure well-being of our
customers. As a result, At-Tahur Limited has been
conferred with 'Brand of the YearAward” for two
consecutive years i.e. 2019 & 2020 for the
Fastest Growing Brand in Milk & Yogurt category,
by The Brands Foundation FPCCI.
The testimony of company's focus on quality is
best described by an independent market audit,
conducted under the orders and aegis of
Honorable Supreme Court of Pakistan. The
finding of the commission was;
“Except Prema Milk, all other samples are
found to be unfit for human consumption”.
Supreme Court of Pakistan proceeding 2016
Reference: “Civil Petition No. 2374-L/2016 and
C.M.A.NO.2702-L/2016”
Pursuant to the updated Code of Corporate
Governance, the company is trying to ensure full
compliance. These steps will surely contribute to
board development, remuneration processes,
accountability and audit, and relations with our
valued shareholders.
The emergence of COVID-19 has caused major
disruptions to economic activity around the world
including Pakistan. The drop in the domestic and
global demand compounded the strain on the
economy. By the Grace of Allah Almighty,
At-Tahur Limited by and large remained
unscathed by the COVID scourge. We believe, we
have emerged much stronger and more resilient
on account of COVID challenge.
On behalf of the Board of Directors, I would like to
express gratitude to our stakeholders for their
continued support and encouragement. I would
also like to appreciate the valuable services
rendered by the employees of the company. I also
acknowledge the commitment and diligence of my
fellow directors and their valuable contributions for
the continued growth of the company. I also take
this opportunity to thank our valued customers
and consumers who have trust in our products and
continue to provide sustained support in ensuring
the progress of the company.
I'm confident that our commitment will go even
further in the upcoming years and that we will
continue to serve our stakeholders, through sheer
dedication and hard work.
Justice (R) Sheikh Ijaz Nisar
Chairman
At-Tahur Limited
Date: September 23, 2021

AT-TAHUR LIMITED
Directors’ Report
Dear Fellow shareholders of At-Tahur Limited,
On behalf of the Board of Directors of the Company, it gives
me immense pleasure to present the Annual Report of the
Company for the year ended June 30th, 2021 together with
the audited financial statements for the year in accordance
with the accounting, regulatory and legal standards and
requirements.
Business Environment
Despite myriad challenges, Pakistan's economy is moving
progressively on higher inclusive and sustainable growth
path on the back of various measures and achievements
during the year. Manufacturing sector has witnessed
broad-based growth as major sectors of Large Scale
Manufacturing have shown significant improvement i.e.,
Textile, Food Beverages & Tobacco, Non-Metallic Mineral
Products and Automobile. First nine months of FY-2021
recorded highest period wise growth of 8.99 percent since
FY-2007. In National Accounts, growth of QIM has
registered a 9.3 percent growth for FY-2021 on the
standard methodology of Pakistan Bureau of Statistics
(PBS). Major contributors to this growth are Textile (5.9
percent), Food Beverage & Tobacco (11.7 percent),
Petroleum products (12.7 percent), Pharmaceuticals (12.6
percent), Chemicals (11.7 percent), Non-Metallic Mineral
Products (24.3 percent), Automobiles (23.4 percent) and
Fertilizer (5.7 percent). Ministry of National Food Security &
Research with its re-defined role under the 18th
Constitutional Amendment undertook the following
measures:
 Import of high yielding dairy cattle breeds of
Holstein-Friesian and Jersey for enhanced milk
production;
 Provision of semen and embryos of high yielding
animals for the genetic improvement of
indigenous low producing animals;
 Import of high-quality feed stuff/micro ingredients
for improving the nutritional quality of animals &
poultry feed, and;
 Import of dairy, meat and poultry processing
machinery / equipment's at concessional
tariff/duty in order to encourage and promote the
establishment of value addition in the country.
Financial Performance
During the year, your Company has posted after tax profit of
PKR 262.27 million (Fy20: profit of PKR 54.88 million). The
equity of the Company as at the balance sheet date is PKR
2.66 billion (June 30, 2020: PKR 2.40 billion), which
translates into book value per share of PKR 14.99 (June 30,
2020: PKR 14.91).
PKR Million 2020-21 2019-20 Change (YOY)
Revenue 2,558.36 1811.54 41%
Gross Profit margin 1,114.51 800.13 39%
Operating Profit margin 421.54 172.26 145%
Net Profit before tax 363.44 118.60 206%
Net Profit after tax 262.27 54.88 378%
Earnings per share* 1.48 0.31 377%
* Earnings per share for the year ended 30 June 2020 is
restated from PKR 0.34 to PKR 0.31.
3000
2500
2000
1500
1000
500
0
2016
729
2017
964
2018
1,204
2019
1513.3
2020
1811.54
2021
2558.36
Revenue
SALES
(RS.
MILLION)
300
250
200
150
100
50
0
2016
27.71
2017
111.43
2018
177.68
2019
270.1
2020
54.88
NPAT
NET
PROFIT
AFTER
TAX
(RS.
MILLION)
2021
262.27
The company has posted new records on the financial front
with net sales revenue of Rs. 2,558.36 million, up by 41%
as compared to Rs. 1,811.54 million last years. Due to
increase in sales during the year, Profit after tax increased
by 378% to Rs. 262.27 million from Rs. 54.88 million posted
last year. The overall increase in the revenue is mainly
attributable to the improved turnover on account of launch
of new products, change in sales mix and enhanced
demand of all our products. The earnings per share of your
Company for the year ended June 30, 2021 was PKR 1.48
diluted compared to PKR 0.31 (re-stated) reported last
year.

Directors’ Report
CONTRIBUTION TO NATIONALEXCHEQUER
During the year, the Company contributed a sum of
Rs.46.10 million, in terms of Income taxes, sales tax and
other government levies, to the national exchequer, which
amounts to about 1.80% of the total revenue of the
Company.
DIRECTORS' STATEMENT ON CORPORATE &
FINANCIALREPORTING FRAME WORK
a) The financial statements, prepared by the
management of the Company, present fairly its state
of affairs, the result of its operations, cash flows and
changes in equity;
b) Proper books of account of the Company have been
maintained;
c) Appropriate accounting policies have been
consistently applied in preparation of financial
statements and accounting estimates are based on
reasonable and prudent judgment;
d) International Financial Reporting Standards, as
applicable in Pakistan, have been followed in
preparation of financial statements and any
departure there from has been adequately disclosed
and explained;
e) The System of Internal Control is sound in design and
has been effectively implemented and monitored;
f) There are no significant doubts upon the listed
company's ability to continue as a going concern.
g) There has been no material departure from the best
practices of corporate governance;
h) Key operating and financial data of last six years in a
summarized form is attached.
i) All the statutory payments on account of taxes,
duties, levies and charges have been made except
those disclosed in financial statement.
BOARD & ITS MEETING
The total number of directors are 7 as per following:
a. Male 06
b. Female 01
The Composition of Board of Directors is as follows:
a. Independent Directors:
1. Mr. Ijaz Nisar Justice (Rtd.)
2. Mr. Aurangzeb Firoz
3. Mr. Amar Zafar Khan
21
4. Dr. Farzana Firoz
5. Syed Kashif ul Hassan Shah
b. Other Non-Executive Directors:
1. Mr. Shabbi Zahid Ali
c. Executive Directors:
1. Mr. Rasikh Elahi
Four meetings of the Board of Directors were held during
the year 2020-21. Name of the Directors (at any time
during the year) along with their attendance in Board
Meeting is as under:
Sr. No. Name of Director No. Of MeetingsAttended
1 Mr. Ijaz Nisar 4
2 Mr. Rasikh Elahi 4
3 Mr. Amar Zafar Khan 4
4 Mr. Aurangzeb Firoz 3
5 Dr. Farzana Firoz 1
6 Mr. Kashiful Hassan Shah 4
7 Mr. Shabbi Zahid Ali 4
(However, leave of absence was granted to the Directors
who could not attend the Board Meeting(s) due to pre-
occupations).
AUDIT COMMITTEE
The Board of Directors in compliance to the Code of
Corporate Governance has established an Audit
Committee and 4 Audit Committee Meetings were held
during the year 2020-21. Attendance by each member is as
under:
1 Mr. Aurangzeb Firoz 3
2 Mr. Amar Zafar Khan 4
(However, leave of absence was granted to the Members
who could not attend the Meeting(s) due to pre-
occupations).
HUMAN RESOURCE & REMUNERATION COMMITTEE
The Board of Directors in compliance to the Code of
Corporate Governance has established a Human
Resource & Remuneration Committee and 1 HR&RC
Meeting was held during the year 2020-21. Attendance by
each member is as under:

AT-TAHUR LIMITED
Directors’ Report
1 Mr. Ijaz Nisar Justice (Rtd.) 1
3 Mr. Rasikh Elahi 1
DIRECTORS' REMUNERATION
The Board of Directors has approved Directors'
Remuneration Policy. The features of the policy are as
follows:
·
The Company shall not pay remuneration of its
non-executive directors including independent
directors except for meeting fee for attending
Board meetings;
·
The Company will reimburse or incur expenses of
travelling and accommodation of Directors in
relation to attending of Board meetings;
·
The Directors' Remuneration policy will be
reviewed and approved by the Board of Directors
from time to time.
Moreover, the Board acknowledge the valuable
contributions being made by the Non-Executive Directors,
and currently a meeting fee is being offered for attendance
and participation in Board meeting, while this does not
reflect compensation of their contributions and just
represents a token of appreciation. The Non-Executive
directors may waive their rights to receive such
remuneration for attending and participation in the above
meetings.
The gross managerial remuneration of Mr. Rasikh Elahi,
Executive Director was revised as Rs. 2,000,000/- per
month w. e. f. July 2020. The gross managerial
remuneration is subject to the adjustment to related
benefits effective from July 2020. Remaining entitlements
remain unchanged.
Remuneration of CEO, Directors & Executives is disclosed
in note no. 38 to the financial statements for the year ended
June 30, 2021.
Three Directors out of Seven Directors have done the
Directors' Training program. Remaining directors will
undergo Directors' Training Programme within the
stipulated time define by CCG.
During the year under review the Board of Directors has
recommended a final cash dividend of Rs. Nil i.e. Nil %
along with issuance of 12% Bonus Shares i.e. 1.2 shares
for every 10 shares.
DIRECTORS' TRAINING PROGRAMME
INVESTOR VALUE
The Break-up value per share for the year is Rs. 14.99/-.
The existing auditors, M/s Riaz Ahmad & Co., Chartered
Accountants retire and being eligible, offer themselves for
re-appointment. The Directors endorse the
recommendation of the Audit Committee for re-
appointment of M/s Riaz Ahmad & Co, as the auditors for
the year ending June 30, 2022.
All transactions with related parties have been disclosed in
the financial statements under review.
The pattern of shareholding of the Company as at June 30,
2021, as required by section 227 of the Companies Act,
2017 and Code of Corporate Governance, is enclosed.
The key operating and financial data for the last six years is
enclosed.
PERFORMANCE EVALUATION OF DIRECTORS ON
THE BOARD:
The Board has developed and adopted structured self
–evaluation criteria and processes to evaluate its own
performance, as well as individual performance of
members and committees.
The Company strongly believes in integration of corporate
social responsibility into its business that are influenced
directly or indirectly by our business.
The management believes that Eco -friendly activities have
gained significant importance over the years. The company
installed 1.2 MW solar system at farm, plant and head
office, which shows our commitment and intent in reducing
carbon emission, greenhouse gasses, etc.
Furthermore, cows' manure is being supplied in growing
organic corps which again fortifies our commitment
towards social welfare of the community and the
environment at large.
The Company has been complying with the rules of
Securities and Exchange Commission of Pakistan and has
implemented better internal control policies with more
rigorous checks and balances.
AUDITORS
RELATED PARTYTRANSACTIONS
PATTERN OF SHAREHOLDING
KEYOPERATING & FINANCIALDATA
CORPORATE SOCIALRESPONSIBILITIES (CSR)
CORPORATE GOVERNANCE
BUSINESS IMPACT ON ENVIRONMENT

Directors’ Report
CHAIRMAN REVIEW
MATERIALCHANGE
FUTURE OUTLOOK
ACKNOWLEDGEMENTS
For & On behalf of Board of Directors
Rasikh Elahi
Chief Executive Officer Director
September 23, 2021
The Directors of the Company endorse the contents of the
Chairman's review, dealing with the overall performance of
the Company, future outlook and report on the performance
and effectiveness of the Board.
There have been no material changes and commitments
affecting the financial position of the Company which have
occurred between 30 June 2021 till today.
The future prospects of your Company are exceedingly
promising on account of the Management's efforts towards
increasing the Company's market share through wider
participation in all its business segments. The Company is
striving to yield better volumes from its existing clientele as
well as prospective clients by expanding and growing
relationships with them through the Company's premium
suite of products. This includes offering new and novel
products and services through unrelenting research and
focus on quality offerings.
We are grateful to our customers for their continued
patronage of our products and wish to acknowledge the
efforts of the entire At-Tahur team, including our staff,
vendors, dealers and all business partners for their untiring
efforts in these challenging times and look to their
continued support.
We bow to the Almighty and pray for His blessings and
guidance.
Ijaz Nisar Justice (Rtd.)
23

AT-TAHUR LIMITED
2,558.36
1,114.51
421.54
363.44
262.27
1.48
1811.54
800.13
172.26
118.60
54.88
0.31
41%
39%
145%
206%
378%
377%
2019-20 2020-21

25
3000
2500
2000
1500
1000
500
0
2016
729
2017
964
2018
1,204
2019
1513.3
2020
1811.54
2021
2558.36
Revenue
SALES
(RS.
MILLION)
300
250
200
150
100
50
0
2016
27.71
2017
111.43
2018
177.68
2019
270.1
2020
54.88
NPAT
NET
PROFIT
AFTER
TAX
(RS.
MILLION)
2021
262.27
0.34
0.31

AT-TAHUR LIMITED

29
Key Operating and Financial Data
of Seven Years at a Glance
A. Summary of Statement of Profit or Loss 2021 2020 2019 2018 2017 2016
Rupees Rupees Rupees Rupees Rupees Rupees
Sales 2,558,360,057 1,811,537,025 1,513,288,448 1,204,453,369 963,902,663 728,785,909
Gross profit 1,114,507,613 800,133,084 790,893,137 550,424,642 390,525,641 346,981,071
Profit from operation 421,536,054 172,255,337 271,676,992 169,760,824 94,241,060 31,199,080
Profit before taxation 363,439,157 118,603,740 249,212,255 160,552,135 88,762,330 25,639,463
Profit after taxation 262,269,635 54,884,617 270,100,072 177,680,359 111,426,261 27,713,312
B. Summary of Statement of Financial Position
Share capital 1,774,670,700 1,613,337,000 1,466,670,000 1,100,000,000 1,100,000,000 1,100,000,000
Accumulated profit for the period 885,680,269 791,629,896 937,349,391 331,663,877 152,655,512 38,879,790
Long term liabilities 517,380,372 198,929,029 144,575,080 229,594,833 37,100,400 18,003,302
Current liabilities 761,891,645 642,422,131 384,935,915 416,240,553 187,544,675 138,965,494
Non Current Assets 3,191,012,689 2,661,605,533 2,235,909,450 1,642,606,223 1,101,423,768 1,092,646,431
Current Assets 748,610,297 584,712,523 697,620,936 854,092,706 375,876,819 252,202,155
C. Performance Indicators
Gross profit ratio (%) 43.56 44.17 52.26 45.70 40.52 47.61
Operating profit margin to sales (%) 16.48 9.51 17.95 14.09 9.78 4.28
Net profit margin to sales (Net) (%) 10.25 3.03 17.85 14.75 11.56 3.80
Return on average equity (%) 10.36 2.28 21.05 16.15 10.13 2.79
Return on capital employed (%) 9.86 2.28 9.26 6.80 6.38 2.32
Return on average assets (%) 7.30 1.78 9.95 8.94 7.90 2.20
Current Ratio (Times) 0.98 0.91 1.81 2.05 2.00 1.81
Quick Ratio (Times) 0.48 0.59 1.45 1.85 1.54 1.33
Debtors turnover ratio (Times) 20.43 16.10 20.41 18.75 29.22 61.77
Average collection period (Days) 17.87 22.67 17.88 19.47 12.49 5.91
Inventory turnover ratio (Times) 12.59 14.16 10.99 14.21 11.05 11.00
No. of days in Inventory (Days) 28.98 25.78 26.82 26.06 29.07 41.05
Total assets turnover (Times 0.65 0.56 0.56 0.61 0.68 0.58
Earning per Share (Rs) 1.48 0.34 1.69 1.62 1.01 0.28
Break-up value per share (Rs) 14.99 14.91 15.06 13.02 11.39 11.41
Debt equity ratio 0.19 0.08 0.06 0.16 0.03 0.02
Total Liabilities to total assets (%) 32.47 25.92 18.05 25.87 15.21 11.67

AT-TAHUR LIMITED
As at June 30, 2021
No. of Shareholders From To Total Shares Held
181 1 100 6,112
245 101 500 87,998
439 501 1,000 319,046
712 1,001 3,500 1,604,383
157 5,001 10,000 1,229,625
66 10,001 15,000 818,953
38 15,001 20,000 689,514
34 20,001 25,000 802,200
15 25,001 30,000 429,700
16 30,001 35,000 513,370
11 35,001 40,000 427,400
6 40,001 45,000 259,490
20 45,001 50,000 991,000
5 50,001 55,000 262,850
4 55,001 60,000 232,950
6 60,001 65,000 378,285
2 65,001 70,000 137,500
3 70,001 75,000 222,600
4 75,001 80,000 315,500
5 80,001 85,000 412,505
2 85,001 90,000 177,650
3 90,001 95,000 278,300
5 95,001 100,000 495,060
1 100,001 105,000 101,815
1 110,001 115,000 114,601
2 115,001 120,000 238,000
2 135,001 140,000 280,000
1 145,001 150,000 148,590
1 150,001 155,000 154,137
1 155,001 160,000 159,500
1 160,001 165,000 165,000
1 200,001 205,000 203,000
1 205,001 210,000 209,350
2 220,001 225,000 447,000
1 225,001 230,000 228,085
3 245,001 250,000 748,500
1 260,001 265,000 263,250
3 270,001 275,000 821,500
1 280,001 285,000 280,500
2 295,001 300,000 600,000
1 300,001 305,000 303,000
1 305,001 310,000 308,276
1 405,001 410,000 406,000
1 420,001 425,000 422,400
1 440,001 445,000 445,000
1 470,001 475,000 475,000
2 480,001 485,000 968,000
3 495,001 500,000 1,497,500
1 545,001 550,000 548,000
2 550,001 555,000 1,109,146
1 560,001 565,000 562,000
1 565,001 570,000 567,420

31
As at June 30, 2021
1 570,001 575,000 575,000
1 630,001 635,000 632,049
1 705,001 710,000 705,833
1 745,001 750,000 747,500
1 780,001 785,000 785,000
1 800,001 805,000 804,500
2 815,001 820,000 1,631,664
1 895,001 900,000 899,700
1 1,095,001 1,100,000 1,099,000
1 1,285,001 1,290,000 1,286,754
1 1,400,001 1,405,000 1,404,250
1 1,515,001 1,520,000 1,520,000
1 3,930,001 3,935,000 3,933,750
1 4,475,001 4,480,000 4,476,725
1 5,130,001 5,135,000 5,131,585
1 47,115,001 47,120,000 47,116,509
1 80,850,001 80,855,000 80,850,690
2038 177,467,070
2.3.1 Directors, Chief Executive Officer, 129,490,078 72.9657%
and their spouse and minor children
2.3.2 Associated Companies, 0 0.0000%
undertakings and related
parties. (Parent Company)
2.3.3 NIT and ICP 1,109,146 0.6250%
2.3.4 Banks Development 0 0.0000%
Financial Institutions, Non
Banking Financial Institutions.
2.3.5 Insurance Companies 5,734,975 3.2316%
2.3.6 Modarabas and Mutual 8,218,507 4.6310%
Funds
2.3.7 Shareholders holding 10% 127,967,199 72.1076%
or more
2.3.8 General Public
a. Local 25,286,085 14.2483%
b. Foreign 3,237 0.0018%
2.3.9 Others (to be specified)
1- Pension Funds 1,293,768 0.7290%
2- Joint Stock Companies 5,377,586 3.0302%
3- Others 953,688 0.5374%
2.3 Categories of shareholders Share held Percentage

AT-TAHUR LIMITED
Sr. No. Name No. of Shares Held Percentage
Associated Companies, Undertakings and Related Parties (Name Wise Detail): - -
Mutual Funds (Name Wise Detail)
1 CDC - TRUSTEE ABL STOCK FUND (CDC) 148,590 0.0837
2 CDC - TREUSTEE AKD OPPORTUNITY FUND (CDC) 300,000 0.1690
3 CDC - TRUSTEE ALFALAH GHP VALUE FUND (CDC) 319 0.0002
4 CDC - TRUSTEE APF-EQUITY SUB FUND (CDC) 275,000 0.1550
5 CDC - TRUSTEE APIF - EQUITY SUB FUND (CDC) 280,500 0.1581
6 CDC - TRUSTEE ATLAS ISLAMIC DEDICATED STOCK FUND (CDC) 209,350 0.1180
7 CDC - TRUSTEE ATLAS ISLAMIC STOCK FUND (CDC) 1,404,250 0.7913
8 CDC - TRUSTEE ATLAS STOCK MARKET FUND (CDC) 3,933,750 2.2166
9 CDC - TRUSTEE AWT ISLAMIC STOCK FUND (CDC) 12,169 0.0069
10 CDC - TRUSTEE MEEZAN ISLAMIC FUND (CDC) 632,049 0.3562
11 CDC - TRUSTEE NBP ISLAMIC ACTIVE ALLOCATION EQUITY FUND (CDC) 263,250 0.1483
12 CDC - TRUSTEE NBP ISLAMIC REGULAR INCOME FUND (CDC) 60,000 0.0338
13 CDC - TRUSTEE NBP ISLAMIC STOCK FUND (CDC) 80,840 0.0456
14 MC FSL - TRUSTEE JS GROWH FUND (CDC) 548,000 0.3088
15 MCBFSL - TRUSTEE ABL ISLAMIC STOCK FUND (CDC) 1,865 0.0011
Directors and their Spouse and Minor Children (Name Wise Detail):
1 MR. RASIKH ELAHI 80,850,690 45.5581
2 MR. SHABBI ZAHID ALI 605 0.0003
3 MR. AURANGZEB FIROZ 706,439 0.3981
4 SHEIKH IJAZ NISAR 1 0.0000
5 DR. FARZANA FIROZ (CDC) 815,832 0.4597
6 MR. AMAR ZAFAR KHAN 1 0.0000
7 SYED KASHIF UL HASSAN SHAH (CDC) 1 0.0000
8 MRS. ZAHRA ALI ELAHI W/O RASIKH ELAHI 47,116,509 26.5494
Executives: - -
Public Sector Companies & Corporations: - -
Banks, Development Finance Institutions, Non Banking Finance 7,097,318 3.9992
Companies, Insurance Companies, Takaful, Modarabas and Pension Funds:
Shareholders holding five percent or more voting interest in the listed company (Name Wise Detail)
1 MR. RASIKH ELAHI 80,850,690 45.5120
2 MRS. ZAHRA ALI ELAHI W/O RASIKH ELAHI 47,116,509 26.5225
All trades in the shares of the listed company, carried out by its Directors, Executives and their spouses and minor
children shall also be disclosed:
S. No. Name Sale Purchase Bonus
1 MR. RASIKH ELAHI 2 7,350,062
2 MR. SHABBI ZAHID ALI 55
3 MR. AURANGZEB FIROZ 64,221
4 DR. FARZANA FIROZ 74,166
5 MRS. ZAHRA ALI ELAHI W/O RASIKH ELAHI 4,283,319
Catagories of Shareholding required under
Code of Corporate Governance (CCG)
As on June 30, 2021

33
The Company has complied with the requirements of the Regulations in the following manner:
1. The total number of directors are seven (07) as per following:
a. Male: 6
b. Female: 1
2. The composition of board is as follow:
S. No. Category Names
1 Independent Directors Mr. Ijaz Nisar
Mr. Aurangzeb Firoz
Mr. Amar Zafar Khan
Syed Kashif ul Hassan Shah
Dr. Farzana Firoz (Female Director)
2 Non-Executive Directors Mr. Shabbi Zahid Ali
3 Executive Director Mr. Rasikh Elahi (Chief Executive)
1. Mr. Amar Zafar Khan
2. Mr. Aurangzeb Firoz
3. Syed Kashif ul Hassan Shah
3. The Directors have confirmed that none of them is serving as a Director on more than seven listed companies,
including this Company;
4. The Company has prepared a code of conduct and has ensured that appropriate steps have been taken to
disseminate it throughout the Company along with its supporting policies and procedures;
5. The Board has developed a vision / mission statement, overall corporate strategy and significant policies of
the Company. The Board has ensured that complete record of particulars of the significant policies along with
their date of approval or updating is maintained by the company;
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by
the Board / shareholders as empowered by the relevant provisions of the Act and these Regulations;
7. The meetings of the Board were presided over by the Chairman and, in his absence, by a Director elected by
the Board for this purpose. The Board has complied with the requirements of Act and the Regulations with
respect to frequency, recording and circulating minutes of meeting of the Board;
8. The Board has a formal policy and transparent procedures for remuneration of Directors in accordance with
the Act and these Regulations;
9. The Board has arranged Directors' Training program for the following;
10. The Board has approved appointment of Chief Financial Officer, Company Secretary and Head of Internal
Audit, including their remuneration and terms and conditions of employment and complied with relevant
requirements of the Regulations.
11. Chief Financial Officer and Chief Executive Officer duly endorsed the financial statements before approval of
the Board;
(Code of Corporate Governance) Regulations, 2019
For the year ended June 30, 2021

AT-TAHUR LIMITED
12. The Board has formed committees comprising of members given below:
The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance;
The frequency of meetings (quarterly / half yearly / yearly) of the committee were as per following:
Four meetings were held during the financial year ended June 30, 2021.
Four meetings were held during the financial year ended June 30, 2021.
The Board has set up an effective internal audit function who are considered suitably qualified and
experienced for the purpose and are conversant with the policies and procedures of the Company;
16. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating under
the Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with
Audit Oversight Board of Pakistan, that they and all their partners are in compliance with International
Federation of Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of Chartered
Accountants of Pakistan and that they and the partners of the firm involved in the audit are not a close relative
(spouse, parent, dependent and non-dependent children) of the Chief Executive Officer, Chief Financial
Officer, Head of Internal Audit, Company Secretary or Director of the company;
17. The statutory auditors or the persons associated with them have not been appointed to provide other services
except in accordance with the Act, these Regulations or any other regulatory requirement and the auditors
have confirmed that they have observed IFAC guidelines in this regard;
18. We confirm that all requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been
complied with;
19. Explanations for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 are
below:
a) Audit Committee:
Mr. Aurangzeb Firoz - Chairman
Mr. Shabbi Zahid Ali - Member
Mr. Amar Zafar Khan - Member
b) HR and Remuneration Committee:
Mr. Ijaz Nisar - Chairman
Mr. Rasikh Elahi - Member
Mr. Shabbi Zahid Ali - Member
13.
14.
a) Audit Committee:
b) Human Resource & Remuneration Committee:
15.

35
Representation of Minority shareholders
Directors' Training
Directors' Training
Company Secretary
Nomination Committee
Risk Management Committee
Disclosure of significant policies on website
Acquainting the directors with these
Regulations, applicable laws, their duties and
responsibilities.
At least 75% of the directors have acquired the
prescribed certification under Directors Training
upto June 30, 2021.
Companies are encouraged to arrange training
for at least one female executive every year
under the Directors' Training Program from year
July 2020.
Same person shall not simultaneously hold
office of Chief Financial Officer and the
Company Secretary.
The Board may constitute a separate
committee, designated as the nomination
committee, of such number and class of
directors, as it may deem appropriate in its
circumstances.
The Board may constitute the risk management
committee, of such number and class of
directors, as it may deem appropriate in its
circumstances, to carry out a review of
effectiveness of risk management procedures
and present a report to the Board.
The Company may post key elements of its
significant policies, brief synopsis of terms of
reference of the Board's committees on its
website and key elements of the directors'
remuneration policy.
All the directors are suitably qualified and
experienced and three of them have completed
their prescribed Directors' Training.
3 out of 7 directors of the Company have
acquired Directors' Training Program
certification. The Company has planned to
arrange Directors' Training Program
certification for remaining four directors before
June 30, 2022.
The Company has planned to arrange Directors'
Training Program certification for female
executives over the next few years.
The Company is in process to separate these
two designations.
Currently, the Board has not constituted a
separate nomination committee and the
functions are being performed by the human
resource and remuneration committee. The
Board shall consider to constitute nomination
committee when required.
Currently, the Board has not constituted a risk
management committee and senior officers of
the Company perform the requisite functions
and apprise the Board accordingly. The Board
shall consider to constitute risk management
committee when required.
Although these are well circulated among the
relevant employees and directors, the Board
shall consider posting such policies and
synopsis on its website in near future.
Sr.
No.
Requirements Explanation of non-Compliance Regulation
Number
1
18
2
19(1)
3
19(3)
4
24
5 29
6
30
7
35
IJAZ NISAR JUSTICE (RTD.)
Chairman
September 23, 2021
Lahore

AT-TAHUR LIMITED
Review Report on the Statement of Compliance contained in Listed Companies (Code of Corporate
Governance) Regulations, 2019
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of At-TahurLimited (the
Company) for the year ended 30 June 2021 in accordance with the requirements of regulation 36 of the
Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our
responsibility is to review whether the Statement of Compliance reflects the status of the Company's compliance
with the provisions of the Regulations and report if it does not and to highlight any non-compliance with the
requirements of the Regulations. A review is limited primarily to inquiries of the Company's personnel and review
of various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting and
internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required
to consider whether the Board of Directors' statement on internal control covers all risks and controls or to form an
opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and
risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation of the
Audit Committee, place before the Board of Directors for their review and approval, its related party transactions.
We are only required and have ensured compliance of this requirement to the extent of the approval of the related
party transactions by the Board of Directors upon recommendation of the Audit Committee.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of
Compliance does not appropriately reflect the Company's compliance, in all material respects, with the
requirements contained in the Regulations as applicable to the Company for the year ended 30 June 2021.
RIAZAHMAD & COMPANY
CharteredAccountants
Lahore
Independent Auditor’s Review Report
to the members of At-Tahur Limited

37
Opinion
We have audited the annexed financial statements of At-TahurLimited (the Company), which comprise the statement of
financial position as at 30 June 2021, and the statement of profit or loss, the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information, and we state that
we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary
for the purposes of the audit.
In our opinion and to the best of our information and according to the explanations given to us, the statement of financial
position, the statement of profit or loss, the statement of comprehensive income, the statement of changes in equity and
the statement of cash flows together with the notes forming part thereof conform with the accounting and reporting
standards as applicable in Pakistan and give the information required by the Companies Act, 2017 (XIX of 2017), in the
manner so required and respectively give a true and fair view of the state of the Company's affairs as at 30 June
2021and of the profit, other comprehensive income, the changes in equity and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our
responsibilities under those standards are further described in the Auditor'sResponsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants as adopted by the Institute of
Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities in accordance with
the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
KeyAudit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Following are the Key audit matters:
1. Fair value recognition of biological assets
As at 30 June 2021, the carrying value of the
Company's biological assets comprising of
heifers / calves, bulls and milking cows
(collectively referred to as 'dairy livestock'),
amounted to Rupees 1,660.109 million, which
approximates the fair value less costs to sell
representing 42.14% of its total assets.
During the year ended 30 June 2021, the
Company has recognized fair value gain of
Rupees 360.585 million arising from the
changes in fair value less costs to sell due to
biological transformation of dairy livestock,
changes in prices of the dairy livestock of
similar attributes and changes in foreign
currency exchange rates at the reporting date.
Independent Auditor’s Report to the Members of At-Tahur Limited
Report on the Audit of the Financial Statements
Our audit procedures in relation to the determination
of fair value of biological assets, amongst others,
included the following:
·
We obtained understanding and assessed
the Company's internal controls over the
determination of fair value of dairy livestock
at each reporting date.
·
We assessed the appropriateness of the
Company's accounting policies for
recognition of changes in fair value of
biological assets at each reporting date
based on the results of valuation of dairy
livestock by independent valuers and
compliance of those policies with
accounting and reporting standards.
Sr.
No.
Key audit matters How the matters were addressed in our audit

AT-TAHUR LIMITED
Dairy livestock are measured on initial
recognition and at the end of each reporting
date at their fair value less costs to sell. The
determination of the fair value requires
significant management's judgement
regarding inter alia, the species, age, culling
rates and growing condition of the dairy
livestock. The management employs
independent valuers to support its
determination of the fair value of the dairy
livestock at the end of each reporting date.
For further information on biological assets,
refer to the following:
-
Summary of significant accounting
policies, Biological assets note 2.7 to the
financial statements.
-
Biological assets note 17 to the financial
statements.
·
We assessed the reasonableness of
valuation of dairy livestock by reviewing the
representations given by the management
to the independent valuers, challenging and
performing audit procedures on key
assumptions, estimates and accuracy of the
data provided by the management and
comparing the key assumptions and
estimates to the historical data which were
used as basis by the independent valuers.
·
W e c o n s i d e r e d t h e o b j e c t i v i t y ,
independence and expertise of the
independent valuers.
·
We reviewed the adequacy and
appropriateness of the disclosures relating
to the fair value measurement of biological
assets in the financial statements in
accordance with accounting and reporting
standards.
2. Revenue recognition
The Company recognized net revenue from
contracts with customers of Rupees
2,558.360 million for the year ended 30 June
2021.
We identified recognition of revenue as a key
audit matter because revenue is one of the key
performance indicator of the Company and
gives rise to an inherent risk that revenue
could be subject to misstatement to meet
expectations or targets.
For further information, refer to the following:
-
Summary of significant accounting
policies, Revenue recognition note 2.24 to
the financial statements.
-
Revenue from contracts with customers
note 28 to the financial statements.
Our procedures included, but were not limited to:
·
We obtained an understanding of the
process relating to recognition of revenue
and testing the design, implementation and
operating effectiveness of key internal
controls over recording of revenue.
·
We compared a sample of revenue
transactions recorded during the year with
sales orders, sales invoices, delivery
documents and other relevant underlying
documents.
·
We compared a sample of revenue
transactions recorded around the year-end
with the sales orders, sales invoices,
delivery documents and other relevant
underlying documentation to assess if the
related revenue was recorded in the
appropriate accounting period.
·
We tested the effectiveness of the
Company's internal controls over the
calculation and recognition of discounts.
Sr.
No.

39
·
We assessed whether the accounting
policies for revenue recognition complies
with the requirements of IFRS 15 'Revenue
from Contracts with Customers'.
·
We compared the details of a sample of
journal entries posted to revenue accounts
during the year, which met certain specific
risk-based criteria, with the relevant
underlying documentation.
We also considered the appropriateness of
disclosures in the financial statements.
Sr.
No.
Information Other than the Financial Statements and Auditor's Report Thereon
Management is responsible for the other information. The other information comprises the information included in
the annual report, but does not include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with the accounting and reporting standards as applicable in Pakistan and the requirements of Companies Act,
2017(XIX of 2017) and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Board of directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for theAudit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

AT-TAHUR LIMITED
accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
·
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
·
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.
·
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
·
Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
·
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the board of directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

41
Report on Other Legal and Regulatory Requirements
Based on our audit, we further report that in our opinion:
a) proper books of account have been kept by the Company as required by the Companies Act, 2017 (XIX of
2017);
b) the statement of financial position, the statement of profit or loss, the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows together with the notes
thereon have been drawn up in conformity with the Companies Act, 2017 (XIX of 2017) and are in
agreement with the books of account and returns;
c) investments made, expenditure incurred and guarantees extended during the year were for the purpose
of the Company's business; and
d) no zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).
The engagement partner on the audit resulting in this independent auditor's report is Mubashar Mehmood.
RIAZAHMAD & COMPANY
CharteredAccountants
Lahore

AT-TAHUR LIMITED
Statement of Financial Position
as at 30 JUNE 2021
NOTE 2021 2020
Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
200,000,000 (2020: 165,000,000) ordinary
shares of Rupees 10 each 2,000,000,000 1,650,000,000
Issued, subscribed and paid-up share capital 3 1,774,670,700 1,613,337,000
Reserves 4 885,680,269 791,629,896
Total equity 2,660,350,969 2,404,966,896
LIABILITIES
NON-CURRENT LIABILITIES
Employees' retirement benefit 5 87,923,340 65,130,626
Lease liabilities 6 99,697,421 44,433,861
Long term financing 7 317,970,905 89,364,542
Deferred income - Government grant 8 11,788,706 -
517,380,372 198,929,029
CURRENT LIABILITIES
Trade and other payables 9 395,971,277 274,422,342
Short term borrowings 10 275,353,193 301,836,072
Accrued mark-up / profit 11 12,782,755 10,438,482
Current portion of non-current liabilities 12 77,741,268 55,652,752
Unclaimed dividend 13 43,152 72,483
761,891,645 642,422,131
Total liabilities 1,279,272,017 841,351,160
CONTINGENCIES AND COMMITMENTS 14 - -
TOTAL EQUITY AND LIABILITIES 3,939,622,986 3,246,318,056
The annexed notes form an integral part of these financial statements.
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

43
NOTE 2021 2020
Rupees Rupees
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 15 1,389,142,377 1,007,330,330
Right-of-use assets 16 100,125,822 83,545,757
Biological assets 17 1,657,574,595 1,474,184,813
Long term security deposits 18 24,911,609 14,981,049
Deferred income tax asset - net 19 19,258,286 81,563,584
3,191,012,689 2,661,605,533
CURRENT ASSETS
Stores 20 36,306,621 15,714,571
Inventories 21 343,239,717 188,231,480
Biological assets 17 2,533,952 2,679,413
Trade debts 22 98,465,275 84,279,634
Short term investment 23 - 4,619,240
Short term advances and prepayments 24 43,200,188 67,794,404
Short term deposits and other receivables 25 64,751,860 69,037,479
Advance income tax - net of provision for taxation 26 45,880,670 79,116,124
Cash and bank balances 27 114,232,014 73,240,178
748,610,297 584,712,523
TOTAL ASSETS 3,939,622,986 3,246,318,056

AT-TAHUR LIMITED
Statement of Profit or Loss
For the year ended 30 June 2021
NOTE 2021 2020
Rupees Rupees
REVENUE FROM CONTRACTS WITH CUSTOMERS 28 2,558,360,057 1,811,537,025
GAIN ARISING ON INITIAL RECOGNITION OF
MILK AT FAIR VALUE LESS COSTS TO SELL AT
THE TIME OF MILKING 29.1 1,542,066,484 903,032,176
GAINS ARISING FROM CHANGES IN FAIR VALUE
LESS COSTS TO SELL OF DAIRY LIVESTOCK 17.1 360,585,057 392,755,960
4,461,011,598 3,107,325,161
OPERATING COSTS 29 (3,346,503,985) (2,307,192,077)
1,114,507,613 800,133,084
ADMINISTRATIVE AND GENERAL EXPENSES 30 (178,970,009) (164,933,058)
SELLING AND MARKETING EXPENSES 31 (280,415,732) (264,882,868)
OTHER EXPENSES 32 (242,136,094) (205,683,617)
(701,521,834) (635,499,543)
412,985,779 164,633,541
OTHER INCOME 33 8,550,275 7,621,796
PROFIT FROM OPERATIONS 421,536,054 172,255,337
FINANCE COST 34 (58,096,897) (53,651,597)
PROFIT BEFORE TAXATION 363,439,157 118,603,740
TAXATION 35 (101,169,522) (63,719,123)
PROFIT AFTER TAXATION 262,269,635 54,884,617
(Restated)
EARNINGS PER SHARE -
BASIC AND DILUTED (RUPEES) 36 1.48 0.31

45
Statement of Comprehensive Income
2021 2020
Rupees Rupees
PROFIT AFTER TAXATION 262,269,635 54,884,617
OTHER COMPREHENSIVE (LOSS) / INCOME
Items that may be reclassified subsequently to profit or loss - -
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plan - net of tax (6,885,562) 329,678
Other comprehensive (loss) / income for the year - net of tax (6,885,562) 329,678
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 255,384,073 55,214,295

AT-TAHUR LIMITED
RESERVES
CAPITAL REVENUE
SHARE RESERVE RESERVE TOTAL TOTAL
CAPITAL RESERVES
SHARE UN-APPR-
PREMIUM OPRIATED
PROFIT
Balance as at 30 June 2019 1,466,670,000 356,138,586 581,210,805 937,349,391 2,404,019,391
Transactions with owners:
Issue of 01 bonus share for every
10 ordinary shares for the year
ended 30 June 2019 146,667,000 (146,667,000) - (146,667,000) -
Final dividend for the year ended
30 June 2019 @ Rupee 0.37 per share - - (54,266,790) (54,266,790) (54,266,790)
146,667,000 (146,667,000) (54,266,790) (200,933,790) (54,266,790)
Profit for the year - - 54,884,617 54,884,617 54,884,617
Other comprehensive income for the year - - 329,678 329,678 329,678
Total comprehensive income for the year - - 55,214,295 55,214,295 55,214,295
Transaction with owners
Issue of 01 bonus share for every 10 ordinary
shares for the year ended 30 June 2020 161,333,700 (161,333,700) - (161,333,700) -
Profit for the year - - 262,269,635 262,269,635 262,269,635
Other comprehensive loss for the year - - (6,885,562) (6,885,562) (6,885,562)
Total comprehensive income for the year - - 255,384,073 255,384,073 255,384,073
- -
Statement of Changes in Equity

47
Statement of Cash Flows
2021 2020
NOTE Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 37 341,599,382 78,650,551
Finance cost paid (48,545,572) (39,384,772)
Income tax paid (5,628,770) (26,688,531)
Net increase in security deposits (9,930,560) (1,364,700)
Net cash generated from operating activities 277,494,480 11,212,548
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment (478,910,970) (113,519,116)
Initial direct cost incurred on right-of-use asset (353,156) (257,235)
Purchase of dairy livestock (90,739,477) (242,990,308)
Proceeds from sale of operating fixed assets 23,116,500 2,200,000
Short term investments made - (104,500,000)
Short term investments disposed of 4,619,240 100,000,000
Proceeds from sale of dairy livestock 51,170,637 24,667,179
Return on bank deposits 10,307 1,222,484
Interest on term deposit receipts 53,762 3,114,626
Net cash used in investing activities (491,033,157) (330,062,370)
CASH FLOWS FROM FINANCING ACTIVITIES
Short term borrowings - net (26,482,879) 151,836,072
Repayment of lease liabilities (11,329,384) (10,616,189)
Long term financing obtained 305,349,760 40,080,829
Long term financing repaid (12,977,653) (9,103,008)
Dividend paid (29,331) (54,194,307)
Net cash from financing activities 254,530,513 118,003,397
Net increase / (decrease) in cash and cash equivalents 40,991,836 (200,846,425)
Cash and cash equivalents at the beginning of the year 73,240,178 274,086,603
Cash and cash equivalents at the end of the year 114,232,014 73,240,178

AT-TAHUR LIMITED
1. THE COMPANY AND ITS OPERATIONS
1.1 At-Tahur Limited (“the Company”) is a public limited Company incorporated in Pakistan on 16 March 2007
under the Companies Ordinance, 1984 (Now Companies Act, 2017). The Company was incorporated as a
private limited Company and subsequently converted into a public limited Company with effect from 28
September 2015. On 23 July 2018, the Company was listed on Pakistan Stock Exchange Limited. The
principal activity of the Company is to run dairy farm for the production and processing of milk and dairy
products. The registered office of the Company is situated at 182-Abu Bakar Block, New Garden Town,
Lahore.
1.2 Geographical location and addresses of all business units are as follows:
Dairy Farm, Distribution Centers and Offices Addresses
Dairy farm and plant Kotli Rai Abubakar, District Kasur
Distribution Centers:
Lahore The Enterprise Building, 1 K.M. Thokar Niaz Baig, Near Eden
Value Homes, Multan Road, Lahore
Rawalpindi Modern Flour Mills, Naseerabad, Peshawar Road, Rawalpindi
Offices:
Head office 182, Abu Bakar Block, New Garden Town, Lahore
Sargodha office Z block, New Satellite Town, Sargodha
Multan office New Airport Road, Madina-tul-Aulia Bridge, Wasil Road, Multan
Faisalabad office Susan Road, Faisalabad
Gujranwala office Ikram Town, Bazar No. 1, Jinnah Road, Gujranwala
Peshawar office Malik Shams Rehman Market, Ring Road,Peshawar
2. SUMMARYOF SIGNIFICANTACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all periods presented, unless otherwise stated:
2.1 Basis of preparation
a) Statement of compliance
These financial statements have been prepared in accordance with the accounting and reporting
standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan
comprise of:
- International Financial Reporting Standards (IFRSs) issued by the International Accounting
Standards Board (IASB) as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRSs,
the provisions of and directives issued under the Companies Act, 2017 have been followed.
b) Accounting convention
These financial statements have been prepared under the historical cost convention except as
otherwise stated in the respective accounting policies.

c) Critical accounting estimates and judgments
The preparation of financial statements in conformity with the approved accounting standards
requires the use of certain critical accounting estimates. It also requires the management to exercise
its judgment in the process of applying the Company's accounting policies. Estimates and judgments
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. The areas
where various assumptions and estimates are significant to the Company's financial statements or
where judgments were exercised in application of accounting policies are as follows:
Useful lives, patterns of economic benefits and impairment
Estimates with respect to residual values and useful lives and pattern of flow of economic benefits are
based on the analysis of the management of the Company. Further, the Company reviews the value of
assets for possible impairment on an annual basis. Any change in the estimates in the future might
affect the carrying amount of respective item of property, plant and equipment, with a corresponding
effect on the depreciation charge and impairment.
Income tax
In making the estimates for income tax currently payable by the Company, the management takes into
account the current income tax law and the decisions of appellate authorities on certain issues in the
past. Instances where the Company's view differs from the view taken by the income tax department
at the assessment stage and where the Company considers that its view on items of material nature is
in accordance with law, the amounts are shown as contingent liabilities.
Fair valuation of biological assets
The Company values its biological assets at fair value less costs to sell. Any change in estimate might
affect the carrying amount of the biological asset with a corresponding charge to the statement of
profit or loss.
Inventories
Net realizable value of inventories is determined with reference to currently prevailing selling prices
less estimated expenditure to make sales.
Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement.
It is based on the lifetime expected credit loss, grouped based on days overdue, and makes
assumptions to allocate an overall expected credit loss rate for each group. These assumptions
include recent sales experience and historical collection rates.
Employees' retirement benefit
The Company uses the valuation performed by an independent actuary as the present value of its
retirement benefit obligation. The valuation is based on assumptions as mentioned in note 5.5.
Revenue from contracts with customers involving sale of goods
When recognizing revenue in relation to the sale of goods to customers, the key performance
obligation of the Company is considered to be the point of delivery of the goods to the customer, as this
is deemed to be the time that the customer obtains control of the promised goods and therefore the
benefits of unimpeded access.
49

AT-TAHUR LIMITED
Contingencies
The Company reviews the status of all pending litigations and claims against the Company. Based on
the judgment and the advice of the legal advisors for the estimated financial outcome, appropriate
disclosure or provision is made. The actual outcome of these litigations and claims can have an effect
on the carrying amounts of the liabilities recognized at the statement of financial position date.
Provisions
As the actual outflows can differ from estimates made for provisions due to changes in laws,
regulations, public expectations, technology, prices and conditions, and can take place many years in
the future, the carrying amounts of provisions are reviewed at each reporting date and adjusted to take
account of such changes. Any adjustments to the amount of previously recognised provision is
recognised in the statement of profit or loss unless the provision was originally recognised as part of
cost of an asset.
Recovery of deferred income tax assets
Deferred income tax assets are recognised for deductible temporary differences only if the Company
considers it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
d) Amendments to published approved accounting standards that are effective in current year
and are relevant to the Company
Following amendments to published approved accounting standards are mandatory for the
Company's accounting periods beginning on or after 01 July 2020:
·IAS 1 (Amendments) 'Presentation of Financial Statements' and IAS 8 (Amendments)
'Accounting Policies, Changes in Accounting Estimates and Errors'
·International Accounting Standards Board's revised Conceptual Framework -March 2018
·IFRS 16 (Amendments) 'Leases'
·Interest Rate Benchmark Reform which amended IFRS 9 'Financial Instruments', IAS 39
'Financial Instruments: Recognition and Measurement' and IFRS 7 'Financial Instruments:
Disclosures'
The above-mentioned amendments to approved accounting standards did not have any impact on
the amounts recognised in prior period and are not expected to significantly affect the current or future
periods.
e) Amendments to published approved accounting standards that are effective in current year
but not relevant to the Company
There are amendments to published standards that are mandatory for accounting periods beginning
on or after 01 July 2020 but are considered not to be relevant or do not have any significant impact on
the Company's financial statements and are therefore not detailed in these financial statements.
f) Amendments to published approved accounting standards that are not yet effective but
relevant to the Company
Following amendments to existing standards have been published and are mandatory for the
Company's accounting periods beginning on or after 01 July 2021 or later periods:

Classification of liabilities as current or non-current (Amendments to IAS 1 'Presentation of Financial
Statements') effective for the annual period beginning on or after 01 January 2023. These
amendments in the standards have been added to further clarify when a liability is classified as
current. The standard also amends the aspect of classification of liability as non-current by requiring
the assessment of the entity's right at the end of the reporting period to defer the settlement of liability
for at least twelve months after the reporting period. An entity shall apply those amendments
retrospectively in accordance with IAS 8 'Accounting Policies, Changes in Accounting Estimates and
Errors'.
Onerous Contracts-Cost of Fulfilling a Contract (Amendments to IAS 37 'Provisions, Contingent
Liabilities and Contingent Assets') effective for the annual period beginning on or after 01 January
2022 amends IAS 1 'Presentation of Financial Statements' by mainly adding paragraphs which
clarifies what comprise the cost of fulfilling a contract. Cost of fulfilling a contract is relevant when
determining whether a contract is onerous. An entity is required to apply the amendments to contracts
for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which
it first applies the amendments (the date of initial application). Restatement of comparative
information is not required, instead the amendments require an entity to recognize the cumulative
effect of initially applying the amendments as an adjustment to the opening balance of retained
earnings or other component of equity, as appropriate, at the date of initial application.
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16 'Property,
Plant and Equipment') effective for the annual period beginning on or after 01 January 2022. Clarifies
that sales proceeds and cost of items produced while bringing an item of property, plant and
equipment to the location and condition necessary for it to be capable of operating in the manner
intended by management e.g. when testing etc, are recognized in profit or loss in accordance with
applicable Standards. The entity measures the cost of those items applying the measurement
requirements of IAS 2 'Inventories'. The standard also removes the requirement of deducting the net
sales proceeds from cost of testing. An entity shall apply those amendments retrospectively, but only
to items of property, plant and equipment that are brought to the location and condition necessary for
them to be capable of operating in the manner intended by management on or after the beginning of
the earliest period presented in the financial statements in which the entity first applies the
amendments. The entity shall recognize the cumulative effect of initially applying the amendments as
an adjustment to the opening balance of retained earnings (or other component of equity, as
appropriate) at the beginning of that earliest period presented.
The following annual improvements to IFRS standards 2018-2020 are effective for annual reporting
periods beginning on or after 01 January 2022:
- IFRS 9 'Financial Instruments' The amendment clarifies that an entity includes only fees paid or
received between the entity (the borrower) and the lender, including fees paid or received by either the
entity or the lender on the other's behalf, when it applies the '10 per cent' test in paragraph B3.3.6 of
IFRS 9 in assessing whether to derecognize a financial liability.
- IFRS 16 'Leases' The amendment partially amends Illustrative Example 13 accompanying IFRS 16
'Leases' by excluding the illustration of reimbursement of leasehold improvements by the lessor. The
objective of the amendment is to resolve any potential confusion that might arise in lease incentives.
- IAS 41 'Agriculture' The amendment removes the requirement in paragraph 22 of IAS 41 for entities to
exclude taxation cash flows when measuring the fair value of a biological asset using a present value
technique
Disclosure of Accounting Policies (Amendments to IAS 1 'Presentation of Financial Statements' and
51

IFRS Practice Statement 2 'Making Materiality Judgement') effective for annual periods beginning on
or after 01 January 2023. These amendments are intended to help preparers in deciding which
accounting policies to disclose in their financial statements. Earlier, IAS 1 states that an entity shall
disclose its 'significant accounting policies' in their financial statements. These amendments shall
assist the entities to disclose their 'material accounting policies' in their financial statements.
Covid-19-Related Rent Concessions (Amendment to IFRS 16 'Leases') effective for annual reporting
periods beginning on or after 01 April 2021. These amendments permit a lessee to apply the practical
expedient regarding COVID-19-related rent concessions. The entity shall recognize the cumulative
effect of initially applying the amendments as an adjustment to the opening balance of retained
earnings (or other component of equity, as appropriate) at the beginning of that earliest period
presented.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS
12 'Income taxes') effective for annual periods beginning on or after 01 January 2023. These
amendments clarify how companies account for deferred tax on transactions such as leases and
decommissioning obligations. The amendments are to be applied retrospectively; restatement of prior
periods is not required.
Change in definition of Accounting Estimate (Amendments to IAS 8 'Accounting Policies, Changes in
Accounting Estimates and Errors) effective for annual periods beginning on or after 1 January 2023.
This change replaced the definition of Accounting Estimate with a new definition, intended to help
entities to distinguish between accounting policies and accounting estimates.
Interest Rate Benchmark Reform-Phase 2 which amended IFRS 9 'Financial Instruments', IAS 39
'Financial Instruments: Recognition and Measurement', IFRS 4 'Insurance Contracts' and IFRS 7
'Financial Instruments: Disclosures' is applicable for annual financial periods beginning on or after 01
January 2021. The changes made relate to the modification of financial assets, financial liabilities and
lease liabilities, specific hedge accounting requirements, and disclosure requirements applying IFRS
7 to accompany the amendments regarding modifications and hedge accounting.
The above amendments and improvements are likely to have no significant impact on the financial
statements.
g) Standards and amendments to approved published standards that are not yet effective and
not considered relevant to the Company
There are other standards and amendments to published standards that are mandatory for
accounting periods beginning on or after 01 July 2021 but are considered not to be relevant or do not
have any significant impact on the Company's financial statements and are therefore not detailed in
these financial statements.
2.2 Employees' retirement benefit
The Company operates an unfunded gratuity scheme for all of its employees who have completed the
qualifying period as defined under the scheme. As per gratuity scheme, employees of the Company are
entitled to gratuity equivalent to last drawn salary multiplied by the number of years of service up to the date
of leaving the Company. The liability recognized in the statement of financial position in respect of defined
benefit obligation is the present value of the defined benefit obligation at the end of the reporting period less
fair value of plan assets, if any. The defined benefit obligation is calculated annually by independent actuary
using the projected unit credit method. The charge for the year is based on actuarial valuation. The amount
arising as a result of remeasurements is recognized in the statement of financial position immediately, with
a charge or credit to other comprehensive income in the periods in which they occur. Past-service costs are
recognized immediately in the statement of profit or loss.
AT-TAHUR LIMITED

2.3 Taxation
a) Current
Pro vision for taxation is based on taxable income for the year determined in accordance with the
prevailing law for the taxation of income. The charge for the year is calculated using the prevailing tax
rates or tax rates expected to apply to the profit for the year if enacted after taking into account
available tax credits and rebates, if any. The charge for current tax also includes adjustments, where
considered necessary, to provision for tax made in previous years arising from assessments framed
during the year for such years.
b) Deferred
Deferred tax is accounted for using the liability method in respect of all temporary differences arising
from differences between the carrying amount of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of the taxable profit. Deferred tax liabilities are
generally recognized for all taxable temporary differences and deferred tax assets to the extent that it
is probable that taxable profits will be available against which the deductible temporary differences,
unused tax losses and tax credits can be utilized.
Deferred tax is calculated at the rates that are expected to apply to the period when the differences
reverse based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is charged or credited in the statement of profit or loss, except to the extent that it relates
to items recognized in other comprehensive income or directly in equity. In this case, the tax is also
recognized in other comprehensive income or directly in equity, respectively.
2.4 Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the primary
economic environment in which the Company operates (the functional currency). The financial statements
are presented in Pak Rupees, which is the Company's functional and presentation currency. Figures are
rounded off to the nearest of Pak Rupees.
2.5 Foreign currency transactions and translation
All monetary assets and liabilities in foreign currencies are translated into Pak Rupees at exchange rates
prevailing at the reporting date. Transactions in foreign currencies are translated into Pak Rupees at
exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year end exchange rates of monetary
assets and liabilities denominated in foreign currencies are charged or credited to statement of profit or loss.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are
translated into Pak Rupees at exchange rates prevailing at the date of transaction. Non-monetary assets
and liabilities denominated in foreign currency that are stated at fair value are translated into Pak Rupees at
exchange rates prevailing at the date when fair values are determined.
2.6 Property, plant and equipment and depreciation
Property, plant and equipment except freehold land and capital work-in-progress are stated at cost less
accumulated depreciation and accumulated impairment losses, if any. Cost of property, plant and
equipment consists of historical cost, borrowing cost pertaining to erection / construction period of qualifying
assets and other directly attributable costs of bringing the asset to working condition. Freehold land and
capital work-in-progress are stated at cost less any recognized impairment loss.
Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
53

AT-TAHUR LIMITED
Company and the cost of the item can be measured reliably. All other repair and maintenance costs are
charged to statement of profit or loss during the period in which they are incurred.
Depreciation
Depreciation on property, plant and equipment is charged to the statement of profit or loss applying the
reducing balance method so as to write off the cost / depreciable amount of the assets over their estimated
useful lives except for leasehold land, which is depreciated over the lease period using straight-line method,
rates given in note 15. Depreciations on additions is charged from the month in which the assets are
available for use up to the month prior to disposal. The residual values and useful lives are reviewed by the
management, at each financial period-end and adjusted if impact on depreciation is significant.
De-recognition
An item of property, plant and equipment is de-recognized upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset is
included in the statement of profit or loss in the year the asset is de-recognized.
2.7 Biological assets
Dairy livestock are measured on initial recognition and at end of each reporting period at their fair value less
costs to sell. Fair value of dairy livestock is determined by independent valuers on the basis of best available
estimates for livestock dairy of similar attributes. Costs to sell are the incremental costs directly attributable
to the disposal of an asset mainly comprises of transportation costs.
Gains or losses arising from changes in fair value less costs to sell of dairy livestock are recognized in the
statement of profit or loss.
Dairy livestock are categorized as mature or immature. Mature dairy livestock are those that have attained
harvestable specifications. Immature dairy livestock have not yet reached that stage.
2.8 Right-of-use assets
A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any
lease payments made at or before the commencement date net of any lease incentives received, any initial
direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to
be incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is shorter. Where the Company expects to obtain ownership of
the leased asset at the end of the lease term, the depreciation is charged over its estimated useful life. Right-
of use assets are subject to impairment or adjusted for any re-measurement of lease liabilities.
The Company has elected not to recognize a right-of-use asset and corresponding lease liability for short-
term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are charged to income as incurred.
2.9 Lease liabilities
A lease liability is recognized at the commencement date of a lease. The lease liability is initially recognized
at the present value of the lease payments to be made over the term of the lease, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental
borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable

55
lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to
occur, and any anticipated termination penalties. The variable lease payments that do not depend on an
index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts
are re-measured if there is a change in the following: future lease payments arising from a change in an
index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination
penalties. When a lease liability is re-measured, an adjustment is made to the corresponding right-of-use
asset, or to statement of profit or loss if the carrying amount of the right-of-use asset is fully written down.
2.10 Ijarah contracts
Under the Ijarah contracts, the Company obtains usufruct of an asset for an agreed period for an agreed
consideration. The Company accounts for its Ijarah contracts in accordance with the requirements of IFAS 2
'Ijarah'. Accordingly, the Company as a Mustaj'ir (lessee) in the Ijarah contract recognises the Ujrah (lease)
payments as an expense in the profit or loss on straight line basis over the Ijarah term.
2.11 Investments and other financial assets
a) Classification
The Company classifies its financial assets in the following measurement categories:
·those to be measured subsequently at fair value (either through other comprehensive income,
or through profit or loss), and
·those to be measured at amortized cost
The classification depends on the Company's business model for managing the financial
assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or
other comprehensive income. For investments in debt instruments, this will depend on the
business model in which the investment is held. For investments in equity instruments, this will
depend on whether the Company has made an irrevocable election at the time of initial
recognition to account for the equity investment at fair value through other comprehensive
income. The Company reclassifies debt investments when and only when its business model
for managing those assets changes.
b) Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Company's business model for
managing the asset and the cash flow characteristics of the asset. There are three measurement
categories into which the Company classifies its debt instruments:
Amortized cost
Financial assets that are held for collection of contractual cash flows where those cash flows

AT-TAHUR LIMITED
represent solely payments of principal and interest are measured at amortised cost. Interest income
from these financial assets is included in other income using the effective interest rate method. Any
gain or loss arising on derecognition is recognised directly in profit or loss and presented in other
income / (other expenses) together with foreign exchange gains and losses. Impairment losses are
presented as separate line item in the statement of profit or loss.
Fair value through other comprehensive income (FVTOCI)
Financial assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVTOCI. Movements in the carrying amount are taken through other comprehensive
income, except for the recognition of impairment losses (and reversal of impairment losses), interest
income and foreign exchange gains and losses which are recognised in profit or loss. When the
financial asset is derecognised, the cumulative gain or loss previously recognised in other
comprehensive income is reclassified from equity to profit or loss and recognised in other income /
(other expenses). Interest income from these financial assets is included in other income using the
effective interest rate method. Foreign exchange gains and losses are presented in other income /
(other expenses) and impairment losses are presented as separate line item in the statement of profit
or loss.
Fair value through profit or loss (FVTPL)
Assets that do not meet the criteria for amortised cost or FVTOCI are measured at FVTPL. A gain or
loss on a debt instrument that is subsequently measured at FVTPL is recognised in profit or loss and
presented net within other income / (other expenses) in the period in which it arises.
Equity instruments
The Company subsequently measures all equity investments at fair value for financial instruments
quoted in an active market, the fair value corresponds to a market price (level 1). For financial
instruments that are not quoted in an active market, the fair value is determined using valuation
techniques including reference to recent arm's length market transactions or transactions involving
financial instruments which are substantially the same (level 2), or discounted cash flow analysis
including, to the greatest possible extent, assumptions consistent with observable market data (level
3).
Fair value through other comprehensive income (FVTOCI)
Where the Company's management has elected to present fair value gains and losses on equity
investments in other comprehensive income, there is no subsequent reclassification of fair value gains
and losses to profit or loss. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVTOCI are not reported separately from other changes in fair value.
Fair value through profit or loss
Changes in the fair value of equity investments at fair value through profit or loss are recognised in
other income / (other expenses) in the statement of profit or loss as applicable.
Dividends from such investments continue to be recognised in profit or loss as other income when the
Company's right to receive payments is established.
2.12 Financial liabilities-classification and measurement
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified
as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at

57
amortized cost using the effective interest method. Interest expense and foreign exchange gains and
losses are recognized in statement of profit or loss. Any gain or loss on de-recognition is also included in
profit or loss.
2.13 Impairment of financial assets
The Company recognizes loss allowances for Expected Credit Losses (ECLs) on:
- Financial assets measured at amortized cost;
- Debt investments measured at FVTOCI; and
- Contract assets.
The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following,
which are measured at 12-month ECLs:
- Debt securities that are determined to have low credit risk at the reporting date; and
- Other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the
expected life of the financial instrument) has not increased significantly since initial recognition.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12
months after the reporting date (or a shorter period if the expected life of the instrument is less than 12
months).
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECLs, the Company considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Company's historical experience and informed credit assessment
and including forward-looking information.
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than
past due for a reasonable period of time. Lifetime ECLs are the ECLs that result from all possible default
events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result
from default events that are possible within the 12 months after the reporting date (or a shorter period if the
expected life of the instrument is less than 12 months). The maximum period considered when estimating
ECLs is the maximum contractual period over which the Company is exposed to credit risk.
The Company has elected to measure loss allowances for trade debts using IFRS 9 simplified approach
and has calculated ECLs based on lifetime ECLs. The Company has established a matrix that is based on
the Company's historical credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment. When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECLs, the Company considers reasonable and
supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Company's historical experience and
informed credit assessment including forward-looking information.
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying
amount of the assets.
The gross carrying amount of a financial asset is written off when the Company has no reasonable
expectations of recovering of a financial asset in its entirety or a portion thereof. The Company individually
makes an assessment with respect to the timing and amount of write-off based on whether there is a
reasonable expectation of recovery. The Company expects no significant recovery from the amount written
off. However, financial assets that are written off could still be subject to enforcement activities in order to
comply with the Company's procedures for recovery of amounts due.

AT-TAHUR LIMITED
At each reporting date, the Company assesses whether financial assets carried at amortised cost and debt
securities at FVTOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that
have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
- significant financial difficulty of the debtor;
- a breach of contract such as a default;
- the restructuring of a loan or advance by the Company on terms that the Company would not consider
otherwise;
- it is probable that the debtor will enter bankruptcy or other financial reorganization; or
- the disappearance of an active market for a security because of financial difficulties.
2.14 De-recognition of financial assets and financial liabilities
a) Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the
asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither
transfers nor retains substantially all of the risks and rewards of ownership and does not retain control
over the transferred asset. Any interest in such derecognized financial assets that is created or
retained by the Company is recognized as a separate asset or liability.
b) Financial liabilities
The Company derecognizes a financial liability (or a part of financial liability) from its statement of
financial position when the obligation specified in the contract is discharged or cancelled or expires.
2.15 Offsetting of financial instruments
Financial assets and financial liabilities are set off and the net amount is reported in the financial statements
when there is a legal enforceable right to set off and the Company intends either to settle on a net basis or to
realize the assets and to settle the liabilities simultaneously.
2.16 Stores
These are valued at weighted average cost except for items in transit, which are stated at invoice value plus
other charges paid thereon till the reporting date. Adequate provision is also made for slow moving items.
2.17 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined as follows:
i) Agriculture produce: At fair value less costs to sell at the time of
milking
ii) Forage, packing materials and other inventory items: At weighted average cost
iii) Finished / manufactured goods: At average manufacturing cost including a
proportion of production overheads.
Net realizable value signifies the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make a sale.

Agricultural produce harvested from the Company's biological assets is raw milk. Upon harvest,
agricultural produce is initially recognized as inventory at its fair value less costs to sell at the point of
harvest, which is determined based on its market prices quoted in the local area. Any resulting gain or
loss arising on initial recognition of such fair values is recognized in the statement of profit or loss in the
period of harvest. Upon subsequent sales, such amount of the inventories initially recognized is
recognized in profit or loss as operating costs.
2.18 Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to depreciation and are tested annually for
impairment. Assets that are subject to depreciation are reviewed for impairment at each statement of
financial position date or whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognized for the amount for which assets carrying amount
exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs to sell
and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units). Non-financial assets that
suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
Reversals of the impairment losses are restricted to the extent that the asset's carrying amount does not
exceed the carrying amount that would have been determined, net of depreciation or amortization, if
impairment losses had not been recognized. An impairment loss or reversal of impairment loss is
recognized in the statement of profit or loss.
2.19 Trade debts and other receivables
Trade debts are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
2.20 Borrowings
Financing and borrowings are initially recognized at fair value of the consideration received, net of
transaction costs. They are subsequently measured at amortized cost using the effective interest method.
2.21 Borrowing costs
Interest, mark-up and other charges on long-term finances are capitalized up to the date of commissioning
of respective qualifying assets acquired out of the proceeds of such long-term finances. All other interest,
mark-up and other charges are recognized in statement of profit or loss.
2.22 Share capital
Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax.
2.23 Trade and other payables
Liabilities for trade and other amounts payable are initially recognized at fair value which is normally the
transaction cost.
2.24 Revenue recognition
a) Sale of goods
Revenue from the sale of agriculture produce is measured at the fair value of the consideration
received or receivable at the point in time when the customer obtains control of the goods, which is
generally at the time of delivery.
59

At-Tahur Limited Annual Report 2021 Highlights Strong Growth and Financial Performance

At-Tahur Limited Annual Report 2021 Highlights Strong Growth and Financial Performance

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